Consequences of Not Filing a BOI Report
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Businesses that don't comply with Beneficial Ownership Information (BOI) reporting requirements can face significant penalties, including:
- Civil penalties: Starting at $591 per day, adjusted for inflation
- Criminal penalties: Up to $10,000 in fines and/or up to two years in prison
The Corporate Transparency Act of 2021 requires many US businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The goal of the act is to prevent the misuse of corporations for criminal gain, such as money laundering, fraud, and financing terrorism.
The Corporate Transparency Act
The Corporate Transparency Act, enacted in 2021, requires many companies to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The purpose of the act is to increase transparency of company ownership structures and prevent illicit activities like money laundering and fraud. Filing is free and can be done quickly and securely. Most companies can report without the help of an accountant or lawyer, and it may take less than 20 minutes for companies with simple ownership structures.
